Reserve Bank of Australia raises cash rate to 4.85%, fifth hike this year
Guardian World1 min read107 words
The Reserve Bank of Australia met today ahead of its cash‑rate decision and announced a rise in the official cash rate to 4.85%, up from 4.6%. This marks the fifth rate increase this year and pushes the cash rate to an 18‑year high.
The bank said the move is intended to regain control of surging inflation, which has risen to 4.3% in the year to September. Officials linked the inflation pressure to a global oil shock that follows the war in the Middle East. The increase is described as a further blow to mortgage holders, a consequence that was anticipated after recent comments from senior central‑bank officials.
Read the original at Guardian World
🤖 AI-generated content - This article was automatically summarised from public RSS feeds by AutoBrief. Verify important information with the original source.